Delaware: A Great State for Families and Professionals
The Perfect Environment for Families
Delaware is a popular state among families due to its proximity to cities like Philadelphia, Baltimore, and Washington D.C. Despite being small, it offers plenty of opportunities to raise a family in a nice and peaceful environment. The cost of living in Delaware is also relatively lower compared to other cities along the East Coast.
Employment Opportunities and Growing Economy
Delaware is a state where both working parents can easily find employment opportunities. According to the Bureau of Labor Statistics, the unemployment rate in Delaware was 5.4% in 2020, slightly higher than the national average of 3.8%. Industries such as healthcare, finance, and education are prominent, providing diverse job opportunities.
Cost of Living and Housing Affordability
Delaware’s cost of living varies depending on cities. While Wilmington has a higher cost of living compared to Dover or Newark, the overall cost of living in the state is lower than the national average. The median household income in Delaware is $65,012, higher than the national average of $62,843. However, neighboring states like New Jersey and Maryland have higher household incomes.
For families with two working parents and two kids, it’s essential to consider housing, healthcare, education, and childcare costs. The average cost of housing in Delaware is $257,800, lower than the national average of $332,400. Property tax rates are also lower, making homeownership affordable for families.
High-Quality Healthcare and Education
Delaware offers quality healthcare services with several hospitals and medical centers providing excellent medical care. Though the cost of healthcare is slightly higher than the national average, it remains affordable. A family of four can expect to pay around $18,000 per year for healthcare.
Delaware also has good schools with an average class size of around 21 students. The state’s high school graduation rate stands at 86%. Additionally, prestigious colleges and universities like the University of Delaware and Delaware State University ensure excellent educational opportunities.
Childcare Subsidies and Tax Credits
The cost of childcare in Delaware is slightly higher than the national average, with a family of four paying around $14,000 per year. However, the state’s government provides several childcare subsidies and tax credits, making it more affordable for families.
Exploration and Attractions
Living in Delaware as a family with kids is a great experience. Besides quality education and healthcare opportunities, Delaware’s small size and proximity to major cities like Philadelphia, Baltimore, and Washington D.C. make it easy to explore new places and cultures. The state is also home to fantastic attractions such as the Delaware beaches, the Delaware Water Gap, and the stunning Brandywine Creek State Park.
High-Paying Professions in Delaware
Delaware’s job market offers high-paying occupations in various industries:
- Computer and Information Systems Managers: Average Annual Salary – $195,208
- Marketing Managers: Average Annual Salary – $175,115
- Architectural and Engineering Managers: Average Annual Salary – $173,096
- Natural Sciences Managers: Average Annual Salary – $159,597
- Financial Managers: Average Annual Salary – $159,244.80
While these professions offer lucrative salaries, it’s important to consider the higher cost of living in Delaware compared to the national average. However, the state’s low unemployment rate and opportunities for growth in various industries make it an attractive place for professionals.
A Balanced Decision
Delaware’s strong economy, job market, and education system make it an excellent place to raise a family and pursue a successful career. While the cost of living may require careful budgeting, the state’s unique living experience and opportunities outweigh potential financial challenges.
As of 2023, the median home cost in Delaware is $327,300, which may be considered high for a family with two working adults and two children. However, with proper financial planning and taking advantage of available childcare subsidies and tax credits, families can find a suitable housing option. It is important to consider all expenses, including childcare, when budgeting for housing costs.
Delaware: A State of Opportunities
In conclusion, Delaware is an ideal state for families and professionals alike. With its lower cost of living, quality healthcare, education, and childcare options, along with its proximity to major cities, it offers a unique living experience that can’t be found anywhere else. Despite the potential higher expenses, Delaware’s government provides subsidies and tax credits to make living affordable for families. Whether you seek a peaceful environment, employment opportunities, or vibrant attractions, Delaware has something for everyone.
This content was created by www.priceofyou.com/cost-of-living. Our team derives unique insights by analyzing contemporary data from trusted sources such as the Bureau of Labor Statistics, Redfin, MIT Living Wage, among others. Should you choose to utilize this data, we kindly request that you provide a link back to our resource.
